Personal Finance

WASHINGTON — The National Retail Federation has issued a statement from president and CEO Matthew Shay on the new White House report, “The Middle-Class Tax Cut’s Impact on Consumer Spending & Retailers.”

Whatever your political views may be, it’s hard not to think about the impact of the recent presidential election on the consumer psyche, and ultimately our industry. Whether President Obama or Mitt Romney would have been better for the economy in the long run is an issue I’ll gladly leave to the political experts and historians. But I do think that, in the near term, we are less likely to see the big holiday spending numbers that some analysts were predicting.

Bentonville, Ark. -- Wal-Mart is changing the date that its fourth-quarter dividend will be paid. The company said that the quarterly dividend of 39.75 cents per share will now be paid on Dec. 27 instead of on Jan. 2, 2013. The dividend will still be paid to shareholders of record on Dec. 7.

According to a report by the Associated Press, Wal-Mart may be taking the action to avoid a higher tax rate on the dividend if there's no agreement on the fiscal cliff.

For a split second after the presidential election the victor and the vanquished struck a conciliatory tone on finding the balance between raising taxes and cutting spending. Wal-Mart Stores, Inc. president and CEO Mike Duke wants the issue resolved as soon as possible.

Duke was among a group of business leaders in Washington earlier this week meeting with President Barack Obama and following the meeting Walmart released a statement expressing his views on the issue.

New York -- The National Retail Federation on Wednesday said it looked forward to continuing to work with President Obama and the new Congress toward the goal of putting Americans back to work and ensuring that the nation’s economy remains the strongest in the world.

Hermosa Beach, Calif. -- Virtual Piggy announced that it has expanded its digital distribution channel with the addition of Barnes & Noble and Sephora to its online store.

Virtual Piggy allows parents to set up a monthly allowance for their children and promotes financial management while empowering U21s to make purchasing, saving and other money management decisions for themselves, within the boundaries setup by their parents.

Detroit -- According to Thomson Reuters/University of Michigan on Monday, the Michigan Consumer Sentiment Index rose to 82.6 in October, the highest level since September 2007.

Economists polled by Bloomberg projected 83 for the measure after a preliminary October reading of 83.1.

The Michigan index of consumer expectations six months from now, which more closely projects the direction of consumer spending, rose to 79 from 73.5 in September. The gauge of current conditions climbed to 88.1 from 85.7 a month ago.

Washington, D.C. -- A Monday report by the Commerce Deptartment showed that consumer spending in the U.S. for September rose more than forecast as household incomes climbed.

Household purchases increased 0.8%, the most since February and topping the 0.6% gain expected by Bloomberg. The Sept. rise followed a 0.5% advance in August.

Incomes rose 0.4%, the most since March.

The economy expanded at a 2% annual pace in the third quarter, boosted by the uptick in household purchases.